{"id":74423,"date":"2023-02-21T15:55:54","date_gmt":"2023-02-21T13:55:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74423"},"modified":"2025-09-09T19:57:49","modified_gmt":"2025-09-09T16:57:49","slug":"glassnode-flags-changes-in-bitcoin-investor-behaviour","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/glassnode-flags-changes-in-bitcoin-investor-behaviour\/","title":{"rendered":"Glassnode flags changes in Bitcoin investor behaviour"},"content":{"rendered":"<p>Bitcoin price remains near the psychological level of $25,000, despite pressure from U.S. regulators. Glassnode analysts attribute this to a significant change in market participants&#8217; behaviour.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Despite regulatory pressure on digital assets exerted by the US, Bitcoin prices still rallied above $25k, and Inscriptions breached 100k total. <\/p>\n<p>Meanwhile, investor behavior on-chain appears to be reaching a turning point, hinting at a new cycle.<a href=\"https:\/\/t.co\/ZviHGdwdA4\">https:\/\/t.co\/ZviHGdwdA4<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1627709824505872391?ref_src=twsrc%5Etfw\">February 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts note sustained interest in the Ordinals protocol \u2014 the number of NFTs issued on the Bitcoin network has surpassed 100,000<a href=\"https:\/\/forklog.com\/en\/news\/number-of-bitcoin-nfts-from-ordinals-crosses-the-100000-mark\">.<\/p>\n<p>The share <a href=\"https:\/\/forklog.com\/en\/news\/what-is-taproot\">Taproot<\/a>-signatures, which enable placing such objects, fell from 8.12% to 2.87%, but remains elevated.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/03_taproot.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Ordinals do not require transferring large amounts of BTC \u2014 most use ~10,000 satoshis (0.0001 BTC) \u2014 but they represent a notable source of demand for blockchain space. Block size remains in the 2-2.5 MB range with a cap of 4 MB versus a maximum of 1.5 MB before the project&#8217;s launch.<\/p>\n<p>Growth in network activity and the rise in total <span data-descr=\"unspent transaction outputs\" class=\"old_tooltip\">UTXO<\/span> to <span data-descr=\"historical maximum\" class=\"old_tooltip\">ATH<\/span> did not trigger on-chain transfers among hodlers or among speculators. For coins aged less than six months, the six-month average daily volume remains below 115,000 BTC \u2014 such weak values have occurred only a few times in history.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/05_young_spent.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The number of coins that last moved on the blockchain six months ago or more approached an ATH of 15.03 million BTC. A similar metric for Bitcoins aged over a year also reached a record high of 12.91 million BTC.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/11_oldSupply.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Weekly spend of coins older than six months fell below 4,770 BTC. In the past, this pointed to the subsequent upside correction within bear markets.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/12_old_spent.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The trajectory of the indicator <a href=\"https:\/\/forklog.com\/en\/news\/sopr-finding-bitcoins-highs-and-lows\">aSOPR<\/a> (7 <span data-descr=\"daily moving average\" class=\"old_tooltip\">DMA<\/span>) indicated a return among short-term investors to the paradigm \u201cbuy the dips.\u201d The metric rose above 1 and twice tested it as support. In other words, profit-taking and the inclination to exit at a loss among this category of market participants diminished, analysts noted.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/06_aSOPR.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The chart below shows a decline in the share of realised profits and losses among traders on centralized intermediaries.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cShort-term players on their last breath are being flushed out. Bitcoins move to bottom-fishers for coins with a lower cost basis.\u201d<\/em>, the analysts explained.<\/p>\n<\/blockquote>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/09_sth_loss_exchanges.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>As market conditions recover, speculators lose the motivation to send coins to exchanges to realise profits. The total volume of such transfers remains in the 15,000\u201321,000 BTC range. With the exception of capitulation episodes, values stay in this band since June 2021.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/15_sth_vol_exchanges.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The analogous metric for hodlers shows a gradual increase in the share of losses among them \u2014 the best buyers from the previous cycle gradually move from their positions until complete ejection.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cFrom the entire realised value of coins sent to exchanges, those losses have fallen sharply from a cycle peak of 58% in mid-January to the current 21%. This is typical in every prior cycle, as it again fuels hopes for hodling. A similar final capitulation usually peaks near the bottom of the bear trend, just as the cycle begins to turn,\u201d<\/em> the experts concluded.<\/p>\n<\/blockquote>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/insights.glassnode.com\/content\/images\/2023\/02\/14_lth_realized-2.png\" alt=\"Glassnode notes changes in Bitcoin investor behaviour\"\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Earlier, the Galaxy Digital founder Mike Novogratz allowed<a href=\"https:\/\/forklog.com\/en\/news\/mike-novogratz-sees-bitcoin-at-30000-by-end-of-march\"> Bitcoin to reach $30,000<\/a> by the end of March.<\/p>\n<p>Earlier, Adam Farrington from B2C2 expressed the view that for Bitcoin\u2019s rally to continue <a href=\"https:\/\/forklog.com\/en\/news\/opinion-the-25000-level-is-key-for-bitcoins-rally-to-continue\">a break above $25,000<\/a> is needed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s price stays near the $25,000 psychological level despite U.S. regulatory pressure, with Glassnode analysts attributing this to a notable shift in market participant behavior.<\/p>\n","protected":false},"author":1,"featured_media":74424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1273,1145],"class_list":["post-74423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=74423"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74423\/revisions"}],"predecessor-version":[{"id":74425,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74423\/revisions\/74425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/74424"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=74423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=74423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=74423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}